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United States
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. _)*

LIGAND PHARMACEUTICALS INCORPORATED

(Name of Issuer)

Common Stock, $.001 par value

(Title of Class of Securities)

53220K207

(CUSIP Number)

April 6, 2004

(Date of Event Which Requires Filing This Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[   ]				Rule 13d-1(b)
[X]				Rule 13d-1(c)
[   ]				Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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CUSIP No.                          53220K207
	1.	Name(s) of Reporting Persons: I.R.S. Identification Nos. of above persons (entities only):			BB Biotech AG                                                              N/A
	2.	Check the Appropriate Box if a Member of a Group (See Instructions):
		(a)	[X]
		(b)	[   ]
	3.	SEC Use Only:     __________________________________________________________________________________
	4.	Citizenship or Place of Organization:			Switzerland
Number of Shares Beneficially Owned by Each Reporting Person with
			5.	Sole Voting Power:	0
			6.	Shared Voting Power:	3,700,000
			7.	Sole Dispositive Power:	0
			8.	Shared Dispositive Power:	3,700,000
	9.	Aggregate Amount Beneficially Owned by Each Reporting Person:			3,700,000
	10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares                                                                                     [   ]
	11.	Percent of Class Represented by Amount in Row (9):			5.04%
	12.	Type of Reporting Person (See Instructions):			HC,CO

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CUSIP No.                          53220K207
	1.	Name(s) of Reporting Persons: I.R.S. Identification Nos. of above persons (entities only):			Biotech Invest N.V.                                                               N/A
	2.	Check the Appropriate Box if a Member of a Group (See Instructions):
		(a)	[X]
		(b)	[   ]
	3.	SEC Use Only:     __________________________________________________________________________________
	4.	Citizenship or Place of Organization:			Netherlands Antilles
Number of Shares Beneficially Owned by Each Reporting Person with
			5.	Sole Voting Power:	0
			6.	Shared Voting Power:	3,700,000
			7.	Sole Dispositive Power:	0
			8.	Shared Dispositive Power:	3,700,000
	9.	Aggregate Amount Beneficially Owned by Each Reporting Person:			3,700,000
	10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares                                                                                         [   ]
	11.	Percent of Class Represented by Amount in Row (9):			5.04%
	12.	Type of Reporting Person (See Instructions):			CO

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Item 1

1(a)

Names of Issue:      Ligand Pharmaceuticals Incorporated

1(b)

Address of Issuer's Principal Executive Offices:     10275 Science Center Drive, San Diego, CA 92121

Item 2

2(a)

Names of Person Filing:      BB Biotech AG (“BB Biotech”), on behalf of Biotech Invest N.V. (“BioInvest”), its wholly-owned subsidiary and record owner of the securities.

	2(b)		Address of Principal Business Office or, if none, Residence:
			BB Biotech AG:      Vordergasse 3, CH-8200 Schaffhausen, Switzerland
			Biotech Invest N.V.: De Ruyterkade 62, Willemstad, Curacao, Netherlands Antilles
	2(c)		Citizenship:                         Switzerland
	2(d)		Title of Class of Securities                         Common Stock, $.001 par value
	2(e)		CUSIP Number                         53220K207

Item 3
If this statement is filed pursuant to §240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
	a.	[  ]	Broker or Dealer registered under section 15 of the Act.
	b.	[  ]	Bank as defined in section 3(a)(6) of the Act.
	c.	[  ]	Insurance company as defined in section 3(a)(19) of the Act.
	d.	[  ]	Investment company registered under section 8 of the Investment Company Act of 1940.
	e.	[  ]	An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
	f.	[  ]	An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
	g.	[  ]	A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
	h.	[  ]	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
	i.	[  ]	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;
	j.	[  ]	Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

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Item 4.       Ownership

     Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

	(a)		Amount beneficially owned:	3,700,000
	(b)		Percent of class:	5.04%
	(c)		Number of shares as to which the person has:

Item 5.       Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [  ]

Item 6.	Ownership of More than Five Percent on Behalf of Another Person.
	NA
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.
	This statement is filed jointly by BB Biotech and BioInvest. BioInvest is a wholly-owned subsidiary of BB Biotech.
Item 8.	Identification and Classification of Members of the Group
	NA
Item 9.	Notice of Dissolution of Group
	NA

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Item 10.	Certification

     By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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